Oxo Alcohols Market share is set to cross USD 20 billion by 2024; according to a new research report by Global Market Insights, Inc. Rising plasticizers demand for manufacturing plastics for automotive and construction applications should drive oxo alcohols market size. Continuously evolving production technologies along with new product development owing to increase in research spending by industry participants should further bolster product demand.

Global oxo alcohols demand in plasticizers industry will surpass USD 8.5 billion during forecast time period. This market size is chiefly driven by demand from plasticizers and solvents which find wide range of applications in plastics industry. Inevitability of plastics and polymers in aerospace, automotive, and construction industry should drive oxo alcohols market size. Oxo alcohol also serves as intermediate in manufacturing adhesives, paints and coatings.

Germany oxo alcohols market demand will signify industry growth rates of over 3.5% during forecast period. This growth in demand can be attributed to increased automotive production in the region thus leading to rise in demand for lubricants.

These products act as dispersant in lubricants leading to improved operational efficiency. Growing demand for lubricants from automotive sector especially in general &amp; commercial transportation along with demand from manufacturing industry is likely to complement oxo alcohols market demand. Recent surge in popularity for synthetic lubricants should further bolster industry growth.

Key feedstocks used for commercial manufacturing of oxo alcohols include propylene, acetylene and ethylene which are extracted from crude oil. Fumes produced during the production process has severe environmental impacts which regulates its usage in Europe and North America.

Oxo alcohols industry size from adhesives application during forecast period will witness growth of about 3%. These adhesives find wide application scope in bonding composite, ceramics, metal, rubber and plastic materials which are formulated in addition with polyurethane, epoxies, silicones, cyanoacrylate and polysulfides.

N-butanol market demand will show strong growth rates of over 5% by 2024 because of its extensive use for producing perfumes, paints, coatings, dye, synthetic resins and alkaloids. It also performs as a competitive renewable biofuel for use in combustion engines overcoming drawbacks from low carbon alcohols and bio-diesel with reduced emission and enhanced performance.

U.S. oxo alcohols industry size will impart strong gains surpassing USD 3.5 billion due to its seasonal boost in coatings demand for construction remodeling industry. Recent increase in federal infrastructural spending and tax cut in the country along with huge crude oil production &amp; refining capacity should reinforce regional industry demand.

Oxo alcohols market share is competitive and moderately concentrated including industry players like BASF, LG Chem, Eastman Chemicals, Dow Chemicals, BAX Chemicals and Evonik. These market participants strategize on expanding their regional presence along with gaining technological advantage through partnerships, mergers &amp; acquisitions. Companies are keen to shift their production bases in the regions with ample feedstock supply thus reducing production cost.

Construction Chemicals Market size will likely cross USD 50 billion by the end of 2024 growing at a CAGR around 9%. The construction sector has witnessed a considerable growth rate since the economic downturn of the previous decade. It generated over USD 3 trillion in the BRICS nations in 2015 and will likely flourish at a CAGR beyond 10% to surpass USD 9 trillion by 2024, hence propelling the global ferroalloy market demand.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.